In today's communication networks, dynamic allocation of service resources is an important and difficult task. Such service resources may include traffic generation rates, service or processing rates utilized to process incoming traffic, power usage, or the like for a network device. Effective management of such service resources requires network providers to attempt to satisfy the varying requirements of wide variety of communication consumers or customers. Conventional techniques to dynamic allocation of service resources typically require a priori statistical information or a significant amount of a priori calculations with complex and time consuming calculations taking place at network devices. Some conventional techniques may lead to unbounded queue lengths, resulting in unstable network devices.